DraftKings and FanDuel merger challenged by FTC, California and D.C.

The Federal Trade Commission and the attorneys-general of California and Washington D.C. said Monday they are challenging the merger between daily fantasy sports sites DraftKings and FanDuel. According to the FTC’s complaint, DraftKings and FanDuel are each other’s most significant competitor, and the combined firm would hold more than 90% of the U.S. market. According to the FTC’s complaint, consumers of paid daily fantasy sports are unlikely to view season-long fantasy sports contests as a meaningful substitute.